The largest gaming and hospitality firm in India, Delta Corp Limited, has released its financial results for the first quarter of 2016 showing a 34.6% increase year-on-year in revenues to $162.3 million.
Mumbai-listed Delta Corporation Limited operates the floating Deltin Royale and Deltin Jaqk casinos in Goa and anticipates offering up to 1,500 gaming positions at the new onshore Deltin Daman facility being planned for the nearby state of Daman.
Delta Corp Limited revealed that its revenues for the initial three months of 2016 represented a best-ever 28% rise quarter-on-quarter while its first-quarter net profit after tax hit $29.8 million, which is a considerable improvement on the deficit of $1.4 million it reported for the corresponding period in 2015.
“The results are a source of great encouragement and stand testimony to the efforts and ingenuity of the Delta Corp Limited team,” read a statement from Jaydev Mody, Chairman for Mumbai-based Delta Corp Limited. “Our businesses are gaining a strong foothold. The income streams are steady and are bound to translate into greater revenues and growth in the months to come. We are confident that this momentum will continue.”
The Indian operator attributed its quarterly growth to better targeted marketing and “getting on board the right customers” for a more stable flow of income alongside increasing customer numbers thanks to the ongoing transformation of Goa, where the bulk of its operations are located, from a seasonal destination into a more year-round resort location.
“The first quarter has demonstrated how the year will unfold,” read a statement from Hardik Dhebar, Chief Financial Officer for Delta Corp Limited. “Historically, our second and third quarters have also been the most robust. This is enough indication of what is to come.”
Delta Corp Limited additionally operates a trio of luxury hotels as well as the new Casino Deltin Caravella in Goa and explained that its future financial results could incorporate business from its Casino Deltin Denzong in Sikkim as the facility near the border with China was recently granted a provisional operating license.